Method for investing working capital

ABSTRACT

A method of doing business comprises receiving an investment contract offer from a corporate investor specifying a principal amount and a maturation term. The investment contract offer is communicated to a plurality of securities dealers, each of whom may communicate an acceptance of the offer by providing an identification of the securities and a rate. At the end of a predetermined time period, a selection algorithm is used to select the most favorable or aggregation of most favorable acceptances to the corporate investor. In one embodiment of the invention, selection at the close of the predetermined time period is automatic acceptance and is communicated to the corporate investor and to the securities dealer having the selected acceptance.

FIELD OF THE INVENTION

This invention pertains to investing of corporate working capital, and amethod of utilizing the Internet for such investing.

BACKGROUND OF THE INVENTION

Traditionally, a public company invests its working capital utilizing a“buy-and-hold” strategy. Investments are always made in short term debtor debt “lookalikes”. The investment is always of high credit quality tolimit risks due to the possibility of issuer default. The investorpurchases the security and holds it until receiving the par value of theinvestment.

The investor utilizing this strategy does not invest for capitalappreciation. Rather, the corporate investor looks to protect the corpusand to collect interest or dividend income only. Par value may befacilitated by maturity, in the case of commercial paper, or by demandfeatures, e.g., puts, auctions, etc., to assure that the investor willreceive every cent of principal. Public companies, and private companiesthat qualify to be public, operate under a board policy outliningminimum credit acceptable standards of issuers, maximum maturity of asingle investment, maximum duration and diversity delimiters to limitexposure to a single issuer, country, sector or other limits.

Typically a corporate investor executes this strategy by looking at acash forecast, that typically includes an accounts payable forecast.From this the investor determines a principal amount available forinvestment and when the principal amount is needed. The individualresponsible for investing places inquiries with several securitiesdealers to determine what investments that qualify with the corporateinvestment policy are available and what rates are offered. Thecorporate investor shops for investments. In theory, the investor thentakes the highest offer and invests until maturity, When that investmentmatures, the process is repeated.

With the increasing use of the Internet as a backbone for electroniccommerce, it would be highly desirable to be able to provide thecorporate investor with the opportunity to make such investments via theInternet. However, to date no one has been able to efficiently offer anInternet based system to corporate investors. In large part, the reasonis that Internet based investing has not been efficient because thereare tens of thousands of offers made daily. Most of the offers are newlyissued investments rather than investment that are traded in a secondarymarket. By way of example, if IBM issued commercial paper yesterday at5.80%, today the may issue it at 5.85% and tomorrow at yet another rate.

SUMMARY OF THE INVENTION

In accordance with the principles of the invention, an Internet web siteis hosted at which the traditional investment process is reversed. Inthe traditional process, corporate investors, having funds to invest,are offered various securities. Securities dealers offer the securities,directly or indirectly. Various securities are available at variousrates and terms. The corporate investor, or his or her agents, typicallyshops around for the best available rate for the funds to be invested.The investor identifies the desired securities and invests in them. Inthe typical transaction securities dealers offer to sell a securityhaving a specific yield and term The investor accepts the offer,transfers funds and receives the securities from the securities dealer.

In accordance with the principles of the invention, investors offercontractual agreements to invest specified amounts for specific termsfor the best rate of return received within a predetermined time period.The amounts and terms are made available to securities dealers.Securities dealers have the opportunity to propose one or moreinvestment instruments. The proposal is made with the understanding thatif the proposed investment instrument is the best offer made within thepredetermined time period that the proposal is deemed to be an automaticacceptance to provide the investment instrument.

In the illustrative embodiments of the invention, the investments are innewly issued short-term instruments.

In accordance with one aspect of the invention a method of providingfinancial services via an Internet web site is provided. A web site onthe World Wide Web of computers known as the Internet is hosted toreceive log-ons from corporate investors desiring to invest workingcapital. Each time the corporate investor logs on to the web site toinitiate a transaction, the corporate investor is assigned anidentification number to maintain anonymity for the transaction. The website receives transaction request information from the corporateinvestor. The transaction request information includes an amount to beinvested and a desired maturation term. The web site makes thetransaction request available to securities dealers for a predeterminedperiod of time. Transaction responses from a plurality of securitydealers is received, each transaction response includes anidentification of a debt instrument, an interest rate, and a maturationdate. At the end of the predetermined period the transaction responsehaving the most favorable terms is selected and communicated to thecorporate investor.

In accordance with one aspect of the invention, the corporate investorat the time of making the transaction request is given a choice ofselecting whether the transaction response having the most favorableterms is automatically accepted or the choice of making the acceptanceconditional upon final approval of the corporate investor. Uponautomatic acceptance or receiving acceptance from the corporateinvestor, the acceptance is provided to securities dealer providing theaccepted response. In accordance with one aspect of the invention,acceptance is immediate and automatic upon the close of thepredetermined time period in the first instance.

In accordance with another aspect of the invention, a method for usingan Internet device to facilitate investments of working capital bycorporate investors is provided. An investment request is inputted intosaid Internet device. The investment request comprises the amount to beinvested and a maturity of capital to be invested. The Internet devicereceives a selected transaction response from one security dealer of aplurality of securities dealers via said central server. The selectedtransaction response is the most favorable transaction response receivedfrom a plurality of securities dealers during a predetermined timeperiod. Transaction acceptance is inputted into the Internet device.Confirmation of transaction acceptance is outputted from said Internetdevice upon receipt from the central server.

In accordance with yet another aspect of the invention, a method forusing an Internet device to facilitate placement short term debtinstruments by security dealers is provided. The Internet device iscoupled to a central server via an Internet connection. The Internetdevice receives from a central server an investment request and anidentification number. The investment request comprises an amount to beinvested and a maturity. The identification number is an identifierunique to a corporate investor. Responses to the investment request froma security dealer is inputted. The response is transmitted to thecentral server during a predetermined time period. The transactionresponse comprises an identification of a debt instrument, a rate and aterm. The Internet device receives transaction confirmation from saidcentral server if the transaction response is the most favorabletransaction response received by said central server.

In the illustrative embodiment of the invention, a corporate investorlogs onto the web site of the invention and identifies the amounts andmaturity ranges of the investments desired. The corporate investorsneeds are posted on the web site keeping the identity of the investorsecret. Securities dealers log on to the site and offer their best ratesto the corporate investor. After a period of time, the posting wouldend. An on-line confirmation of the trade would be provided. Theinvestor wires funds as is done conventionally and the securities dealerwould deliver the investment.

In yet another embodiment of the invention, the system of the inventionmay aggregate a plurality of investment securities, where, for example,the size of the investment is such that the most advantageous orpractical way to invest the amount is in more than one security. In thisinstance, when the investment offer is posted on a web site, it is notedthat aggregation of securities is acceptable. In that instance,securities dealers may respond with the best instruments available. Thesystem of the invention will determine the aggregation that may beformed from the plurality of instruments. At the close of thepredetermined time period, each securities dealer proposing aninstrument that has been identified as part of the best aggregation willbe treated in the same manner as described above as having the bestavailable instrument in the predetermined time period.

BRIEF DESCRIPTION OF THE DRAWING

The invention will be better understood from a reading of the followingdetailed description in conjunction with drawing figures, in which likereference designations are used to identify like elements, and in which:

FIG. 1 depicts a system in accordance with the principles of theinvention;

FIG. 2 is a block diagram illustrating an Internet device of a typeusable in the system of FIG. 1 in accordance with the principles of theinvention;

FIG. 3 is a block diagram of a central server useable in accordance withthe principles of the invention in the system of FIG. 1;

FIG. 4 is a flow diagram illustrating how a corporate investor requestsbest available investment rates in accordance with the invention;

FIG. 5 is a flow diagram illustrating how a securities dealer finds amarket for securities utilizing the system and method of the invention;and

FIG. 6 is flow diagram illustrating operation of the central servershown in FIG. 3.

DETAILED DESCRIPTION

Turning now to FIG. 1, the method and apparatus of the inventionadvantageously utilizes the World Wide Web known as the Internet. Inaccordance with convention, the Internet 100 is shown as a cloud. It isunderstood and well known that the Internet includes many interconnectedcommunications links and computers. The particular structure of theInternet forms no part of the present invention. A central server 110operable in accordance with the principles of the invention is coupledto the Internet 100. An Internet device 120 that is utilized by acorporate investor is coupled to the Internet 100. Although only oneInternet device 120 utilized by corporate investors is shown, it will beunderstood by those skilled in the art that any number of corporateinvestor Internet devices 120 may be utilized. Also connected toInternet 100 are Internet devices 130 located at securities dealers.Although only two securities dealers Internet devices 130 are shown, itwill be appreciated by those skilled in the art that any number of suchInternet devices 130 may be coupled to the Internet 100. As used herein,the term “Internet device” is intended to include any and all devicesthat can establish a coupling to the Internet and can upload anddownload information via the Internet. Examples of Internet devicesinclude computers, personal digital assistants (“PDA”), Internettelephones, and all manner of devices that communicate via the Internet.The term “Internet device” is intended to be inclusive and not limitingin any sense. Internet devices 120 and 130 may be similar orsubstantially identical devices. However, the invention is not limitedto any particular Internet device nor do any of the Internet devices120, 130 have to be the same.

Turning now to FIG. 2 a representative Internet device 120 utilized by acorporate investor is shown in block diagram form. Internet device 120includes a processor 201 with associated random access memory or RAM203, read only memory or ROM 205 and mass memory 207. Memory 207 may bea hard drive or other conventional mass memory that is commerciallyavailable. A display 209 and an input device 211 are each coupled to theprocessor 201. A modem 213 is used to couple the Internet device 120 tothe Internet. The particular type of modem is not significant to thepresent invention and may be of any conventional type commerciallyavailable. In other applications, other interfaces to the World Wide Webmay be used in place of modem 213. The configuration of Internet device120 is that of a conventional personal computer or workstation. However,as noted above, any Internet device may be used including Internettelephone devices, Internet tablets and other Internet communicationsdevices. The invention is not limited to any one hardware configuration.

FIG. 3 illustrates in block form a central server 110 that isparticularly useful in the illustrative embodiment of the presentinvention. Although a particular configuration is shown, it should beapparent to those skilled in the art that various changes andmodifications may be made to the system architecture. Central server 110includes an interface 301 to the Internet. Interface 301 as will beappreciated by those skilled in the art is configured to provide signallevels, types and protocols that are appropriate to the particular typeof connection to the Internet that is available to central server 110.Central server 110 includes a processor 303 having associated with itrandom access memory or RAM 305, read only memory or ROM 307 and bulkmemory 309 which may, for example, comprise one or more hard drives orvarious combinations of different physical memories and memory types. Asis conventional with processors, in general, and servers, in particular,the operating system for the server is stored in memory 309. Centralserver 110 also includes relational data bases 311, 313, 315 andassociated SQL servers 317, 319. The general operation of relationaldata bases 311, 313, 315 and SQL servers 317, 319 is known in the art.Particular details of operation of SQL servers 317, 319 and relationaldatabases 311, 313, 315 are not important to an understanding of thepresent invention. Central servers are commercially available fromseveral sources and may vary in configuration from that shown in FIG. 3.The particular configuration of the server is not important to anunderstanding of the invention. Central Server 110 has stored in itsmemory 309 a software program that causes the central server 110 tooperate in accordance with the method described herein below. Therelational data bases 311, 313, 315 are used to store information thatidentifies corporate investors, the amount and timing of desiredinvestments, the time period in which the transaction needs to close.Also associated with each desired transaction, the relational databases311, 313, 315 store the responses received from securities dealers. Theresponse for each securities dealer includes the rate and term of thesecurity including all relevant identifying information as well as theidentity of the securities dealer and all relevant information. Stillfurther, for each transaction, relational data bases 311, 313, 315 storeinformation regarding completion of each transaction including chargesmade by the system owner to the securities dealer. Audit information isstored in memory 309.

In operation, a corporate investor utilizing Internet device 120 asshown in FIGS. 1 and 2 logs on to the web site hosted at central server130 as shown in step 401 of FIG. 4. To utilize the web site, thecorporate investor must be registered with the web site. Theregistration process utilized may be similar to any one of the numerousweb site registration processes utilized. For purposes of thisdescription, it is assumed that the corporate investor has previouslyregistered to use the web site. As part of the log-on process, thecorporate investor will provide a user id and a password. Other securityprovisions may be utilized to preserve the integrity of the web site andto assure only legitimate users are logging on. Once the corporate useris logged on and registration has been verified, the corporate investoris invited to enter the principal amount to be invested and the term ofthe investment. The investor enters the amount and term maturity at step403. In addition, in one embodiment of the invention, the investorspecifies if acceptance of the best investment instrument is to beautomatic at the end of a predetermined time period or if the investordesires final approval. Still further, the investor may designate if anaggregation of instruments may be utilized for the investment and againwhether acceptance is automatic and/or if approval of the transaction isrequired. Additional criteria used to qualify investments for thiscorporate investor have been stored in relational databases 311, 313,315 and associated with the investor. To verify that the criteria arestill current, a verification screen is provided setting out thecriteria at step 405. In the event that for this particular investment,the corporate investor desires to modify any criteria, the criteria maybe changed or new terms entered at step 407. Central Server 130 providesa transaction number to the corporate investor along with a verificationof the desired investment at step 409. The corporate investor is giventhe option at step 411 to enter other desired investments. If thecorporate investor is done with entering desired investments, theinvestor logs off the web site.

Turning now to FIG. 5, the operation of the website from the perspectiveof a securities dealer is shown in flow diagram form. At step 501, thesecurities dealer utilizing an Internet device 130 logs on to the website hosted by central server 110. The securities dealer must havepreviously registered with the web site or will be required to do sobefore being allowed to proceed. The registration process is similar towell known security registration procedures utilized in other Internetweb sites of a comparable nature. The specific registration processutilized is not of particular importance to the novel aspects of thepresent invention. After the securities dealer logs on, he may viewcurrent corporate investors desired short-term investment desires. Inone embodiment of the invention, the desired principal amounts andmaturities may be viewed as indicated at step 503. In this embodiment ofthe invention, the transaction contact offers are presented in a table.Each transaction contract offer listed includes a transaction code thatis unique to that particular desired transaction. In addition, where aninvestor has indicated that an aggregation of investment instruments isacceptable, the listing will provide an indication that aggregation isacceptable. The identity of the corporate investors is maintainedanonymous at this time and at this stage of the transaction. Thesecurities dealer will select those transactions he or she is interestedin at step 507. The web site will provide to the securities dealer thehistory of the transaction, i.e., the time at which the transaction willclose, the securities offered and the rates. This way the securitiesdealer is able to determine what rate may be can be offered. In theevent that the securities dealer decides to offer one or moresecurities, he will enter his identifier code, and identify thesecurities and the rates that are offered at step 509. This may beaccomplished by utilizing a standardized form to respond. When thesecurities dealer is satisfied with the entry, he clicks on an icon topresent his offer. The central server responds with a transaction numberto the securities dealer at step 511.

At the close of the time period for receiving offers, the central serverutilizing a selection algorithm identifies the most favorable offer. Themost favorable offer will in general be the offer with the highest rateof return for a particular category of instruments. If the investor hasindicated that an aggregation of securities is acceptable, the centralserver will identify the best yielding aggregation. The best yieldingaggregation will, in general, be the one that offers the highestcombined rate of return. In one embodiment of the invention, centralserver 110 then generates an email message to the corporate investorgiving the corporate investor a limited time period to accept theinstruments. The email message will identify the instruments, thematurity dates, the rates of return and the securities dealer or in thecase of an aggregation, the securities dealers. Assuming that thecorporate investor determines that the investment meets requirements,the corporate investor responds with an approval. The central serverlogs approval for the transaction. The central server emails theacceptance to the securities dealer or dealers and a confirmation to theinvestor. The remainder of the transaction is completed in a traditionalfashion, with the corporate investor wiring funds to the securitiesdealer. The securities dealer, in turn, delivers the instrument.

In another embodiment of the invention, the securities dealer and thecorporate investor agree in advance at registration on the web site thaton close of the time for transactions, the highest offer from asecurities dealer is automatically accepted by the corporate investor.In the event of multiple offers at the same interest rate and ofcomparable quality, the system of the present invention will select oneor more of the offers in accordance with a predetermined selectionalgorithm. The predetermined selection algorithm may be a randomweighted selection algorithm. In certain embodiments of the invention,the selection algorithm may be a time-based selection based upon theearliest offer in time. This embodiment has the advantage thattransactions are closed automatically. Confirmation of the transactionclosure is sent automatically by email to the securities dealer and thecorporate investor.

Turning now to FIG. 6., operation of the server 110 is shown in flowdiagram form Central server 110 receives registered investor investmentoffer information at step 601. Server 110 may post the investment offerinformation on its restricted access web site at step 603. Centralserver 220 receives securities dealers' acceptance responses at step605. Each acceptance response is conditional upon the acceptanceresponse being selected by the selection algorithm. The securitiesdealers' responses are entered by the dealers onto a form that complieswith the Committee on Uniform Securities Identification procedures(CUSIP). Server 110 extracts information from the form and stores allresponses in databases 311, 313 or 315 at step 607. A timer function isprovided for each investor request. At closure of the transaction timeperiod the server identifies the highest responses and selects one ormore based upon a selection algorithm at step 609. Thus, the applicationof the selection algorithm removes the only condition associated withthe acceptance and the acceptance is complete. A confirming email issent to the corporate investor at step 611 identifying the securitiesdealer, the securities, the amounts and terms. Similarly, server ends aconfirmatory email to the securities dealer or dealers who had offeredthe most favorable rates at step 613. The securities dealer is invoicedfor use of the system services at the same time as the confirmatoryemail is sent.

In accordance with one aspect of the present invention, the server 110permits two classes of individuals to log-on and to use different butrelated services. The two classes are corporate investors desiring toinvest fixed amounts for specific fixed terms and securities dealers whodesire to offer securities to meet the demands of the first class. Eachclass includes only registered users in the appropriate class. Eachclass of users is restricted in it related activities on the web site.

The invention has been described in conjunction with specificembodiments. It will be appreciated by those skilled in the art thatvarious changes and modifications may be made to the various embodimentswithout departing from the spirit or scope of the invention. It isintended that those various changes and modifications be included withinthe scope of the invention. It is further intended that the inventionnot be limited to the various embodiments shown and described herein norlimited to those embodiments that would be apparent as of the filingdate of this application. It is intended that the invention be limitedin scope only by the claims appended hereto.

It is further intended that the uses of means plus function language inthe claims not limit the invention to particular structures shown anddescribed in this disclosure or to equivalent structures. It is intendedthat structural equivalents or process steps, equivalent structures andprocess steps as well as the particular structures and process stepsshown and described are included in the scope of the claimed invention.

What is claimed is:
 1. A method for using an Internet device tofacilitate short term investments of working capital by corporateinvestor, comprising: coupling an Internet device to a central servervia an Internet connection; inputting into said Internet device aninvestment contract offer from one of said corporate investors, saidinvestment contract offer comprising an offer to invest a principalamount of working capital for a specific maturity term to an acceptancereceived within a predetermined time period; and receiving at least onetransaction acceptance response to said investment contract offer fromsaid central server via an Internet connection, said at least onetransaction acceptance response being selected from a plurality oftransaction acceptance responses received from a plurality of securitiesdealers during said predetermined time period and in accordance with aselection algorithm.
 2. A method in accordance with claim 1, wherein:each said at least one transaction acceptance response is an automaticacceptance to provide securities in an amount not exceeding saidprincipal amount and for said maturity term and at a rate included insaid transaction acceptance response from a securities dealer of saidplurality or securities dealers in the event that said transactionacceptance response is selected.
 3. A method of operating an Internetdevice in accordance with claim 1, comprising: generating saidinvestment contract offer for short-term debt instruments.
 4. A methodin accordance with claim 1, comprising: registering a corporate investorusing said Internet device with said server prior to said corporateinvestor inputting said investment contract offer.
 5. A method inaccordance with claim 1, comprising: receiving said transactionacceptance responses only from securities dealers who have previouslyregistered with said server.
 6. A method in accordance with claim 1,comprising: creating an audit record; and storing said audit record. 7.A method for using an Internet device to facilitate placement of shortterm debt instruments by security dealers, comprising: coupling saidInternet device to a central server via a networked connection;receiving from a central server an investment contract offer from acorporate investor of working capital, said investment contract offercomprising a principal amount to be invested and an investment term,said investment contract offer being open for a predetermined period oftime; inputting a transaction acceptance response via said centralserver during said predetermined period of time, said transactionresponse comprising an identification of an investment instrument and arate; and receiving transaction confirmation from said central server ifsaid transaction acceptance response is selected in accordance with aselection algorithm in said predetermined period of time.
 8. A method ofoperating an Internet device in accordance with claim 7, comprising:receiving the identity of said corporate investor only at or afterreceiving said transaction confirmation.
 9. A method in accordance withclaim 7, comprising: creating an audit record; and storing said auditrecord.
 10. A method in accordance with claim 7, comprising: registeringsaid securities dealer with said central server prior to inputting saidtransaction acceptance response.
 11. A method in accordance with claim7, comprising: receiving from said central server an invoice at or afterreceiving said transaction confirmation.
 12. A method of operating anInternet central server to facilitate transactions between corporateinvestors desiring to invest working capital and securities dealersdesiring to market short term instruments, said method comprising:utilizing said central server to perform the following steps: receivingfrom a corporate investor an investment contract offer, said investmentcontract offer comprising an offer to invest a principal amount ofworking capital for a specific maturity term to the best acceptancereceived within a predetermined time period; informing a plurality ofsecurities dealers of said investment offer; receiving from one or moresecurities dealers of said plurality of securities dealers one or moretransaction acceptance responses via said central server during apredetermined time period, each said transaction acceptance responsecomprising an identification of an investment instrument and a rate ofreturn; selecting at the end of said predetermined time period one ofsaid transaction acceptance responses in accordance with a predeterminedselection algorithm; and communicating said selected transactionacceptance response to said corporate investor and to the securitiesdealer originating said selected acceptance response.
 13. A method inaccordance with claim 12, comprising: billing said originatingsecurities dealer a predetermined amount for facilitating saidtransaction.
 14. A method in accordance with claim 12, comprising:registering each of said securities dealers.
 15. A method in accordancewith claim 12, comprising: creating an audit record.
 16. A method inaccordance with claim 12, comprising: using the Internet to communicatesaid selected transaction acceptance response.
 17. A method inaccordance with claim 12, comprising: posting said investment contractoffer on a web site.
 18. A method in accordance with claim 17,comprising: limiting access to said web site to securities dealers. 19.A method of providing financial services via an Internet web site, saidmethod comprising: utilizing one or more computers to host a web site toreceive log-ons from corporate investors desiring to invest workingcapital; receiving transaction contract information from one of saidcorporate investors, said transaction contract information comprising anamount to be invested and a desired maturation term; making saidtransaction contract information available to securities dealers for apredetermined period of time; receiving transaction acceptance responsesfrom a plurality of said security dealers in response to saidtransaction contract information, each said transaction acceptanceresponse including an identification of a debt instrument, an interestrate, and a maturation date; selecting, at the end of said predeterminedperiod, one of said transaction acceptance responses in accordance witha predetermined algorithm; communicating said selected acceptanceresponse to said corporate investor; and communicating said selection toone securities dealer of said plurality of securities dealersoriginating said selected acceptance response.
 20. A method inaccordance with claim 19, comprising: billing said one securities dealera predetermined amount for facilitating said transaction.
 21. A methodof providing financial services, comprising: utilizing one or morecomputers to perform the following steps: receiving transaction contractinformation from a first party, said transaction contract informationcomprising an amount to be invested and a desired maturation term;making said transaction contract information available to securitiesdealers for a predetermined period of time; receiving transactioncontract acceptance responses from a plurality of said security dealers,each said transaction contract acceptance response including anidentification of a debt instrument, an interest rate, and maturationdate; selecting at the end of said predetermined period, at least one ofsaid transaction contract acceptance responses in accordance with apredetermined algorithm; communicating said at least one selectedacceptance response to said first party; and communicating saidselection to one securities dealer of said plurality of securitiesdealers originating said at least one selected transaction contractacceptance response.
 22. A method in accordance with claim 21,comprising: billing said one securities dealer a predetermined amountfor facilitating the transaction comprising said selection.
 23. A methodin accordance with claim 21, comprising: each said transaction contractacceptance response being a conditional acceptance of said transactioncontract, dependent upon said transaction contract acceptance responsebeing selected.
 24. A method in accordance with claim 21, comprising:selecting, at the end of said predetermined period, at least a secondone of said transaction contract acceptance responses in accordance withsaid predetermined algorithm, whereby an aggregation of transactioncontract acceptance responses is formed; communicating said at least asecond selected transaction contract acceptance response to said firstparty; and communicating said second selection to a second securitiesdealer of said plurality of securities dealers originating said secondselected transaction contract acceptance response.
 25. A method inaccordance with claim 24, comprising: billing each of said onesecurities dealer and said second securities dealer.